Many companies are now building out talent communities of passive candidates who are nurtured until they are ready to get into the interview process. This proactive approach to recruiting is especially useful in a competitive talent market.With new ways to recruit, come new metrics that talent acquisition and HR teams should be aware of.
Here are the top metrics we think you should be tracking regarding your talent communities:
- Conversion to Lead: What percentage of people opt into your talent community given the opportunity? The average careers site will convert 3-7% of visitors into talent community members. Of course, these rates are increased with career microsites focused on different parts of your organization, better employee value propositions, etc.
- Total Members: If you have a great conversion rate, but no talent community members, that means you need to drive more awareness! It may also mean you need to start getting silver medalists, career fair visitors, etc into your community.
- Engagement Rate: When you engage with your talent community, do they respond? Do they show up to your meetups? Do they get on the phone with your recruiters? If this is low, try a segmented and regular email cadence where relevant and high value content (read: not job openings).
- Hire Rate: What percent of talent community members are hired? 1% is the average for a "set it and forget it" strategy (send out 1 email per month to each target demographic - engineers, sales, etc). This number is driven higher by active sourcing within the talent community, offline events, and online events where members can engage with your employer brand.
- Hires: Of course like almost everything in talent acquisition, this all comes down to how many hires were actually made!
Ready to start building your talent community?